REGISTERED NUMBER: 06751834 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

SPECIALTY RISKS LIMITED

Page

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

Directors:

D Pearce

C R K Whitehair

Registered office:

C/O Cooper Parry

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Registered number:

06751834 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Specialty Risks Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Specialty Risks Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Specialty Risks Limited and state those matters that we have agreed to state to the Board of Directors of Specialty Risks Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Specialty Risks Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Specialty Risks Limited. You consider that Specialty Risks Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Specialty Risks Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Cooper Parry Advisory Limited

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

30 September 2025

Fixed assets

Tangible assets

4

96,285

108,334

Investments

5

20

20

96,305

108,354

Current assets

Debtors

6

176,977

130,819

Cash at bank and in hand

408,433

212,020

585,410

342,839

Creditors

Amounts falling due within one year

7

294,514

210,569

Net current assets

290,896

132,270

Total assets less current liabilities

387,201

240,624

Creditors

Amounts falling due after more than one year

8

243,396

110,536

Net assets

143,805

130,088

Capital and reserves

Called up share capital

9

1,000

1,000

Retained earnings

10

142,805

129,088

Shareholders' funds

143,805

130,088

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

D Pearce - Director

1.	Statutory information

Specialty Risks Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Commission on insurance policies for periods over one year are recognised in line with the contracted obligations to the insurer for the remaining term.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold improvements

-

33% on cost

System Development

-

25% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

Cost less residual value over 4 years

Computer equipment

-

33% on cost

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 11 (2023 - 12 ) .

4.	Tangible fixed assets

Fixtures

Leasehold

System

and

improvements

Development

fittings

£

£

£

Cost

At 1 January 2024

18,277

175,203

20,523

Additions

-

28,295

1,399

Disposals

(17,562

)

-

-

At 31 December 2024

715

203,498

21,922

Depreciation

At 1 January 2024

17,700

119,547

11,361

Charge for year

239

31,002

3,429

Eliminated on disposal

(17,562

)

-

-

At 31 December 2024

377

150,549

14,790

Net book value

At 31 December 2024

338

52,949

7,132

At 31 December 2023

577

55,656

9,162

Motor

Computer

vehicles

equipment

Totals

£

£

£

Cost

At 1 January 2024

55,780

27,624

297,407

Additions

-

6,775

36,469

Disposals

-

-

(17,562

)

At 31 December 2024

55,780

34,399

316,314

Depreciation

At 1 January 2024

16,958

23,507

189,073

Charge for year

9,761

4,087

48,518

Eliminated on disposal

-

-

(17,562

)

At 31 December 2024

26,719

27,594

220,029

Net book value

At 31 December 2024

29,061

6,805

96,285

At 31 December 2023

38,822

4,117

108,334

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

Cost

At 1 January 2024

and 31 December 2024

55,780

Depreciation

At 1 January 2024

16,958

Charge for year

9,761

At 31 December 2024

26,719

Net book value

At 31 December 2024

29,061

At 31 December 2023

38,822

5.	Fixed asset investments

Other

investments

£

Cost

At 1 January 2024

and 31 December 2024

20

Net book value

At 31 December 2024

20

At 31 December 2023

20

6.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

71,955

79,606

Other debtors

96,142

15,466

Called up share capital not paid

-

800

Accrued income and prepayments

8,880

34,947

176,977

130,819

7.

Creditors: amounts falling due within one year

2024

2023

£

£

Hire purchase contracts

14,175

13,508

Trade creditors

40,422

14,946

Tax

30,753

25,034

Social security and other taxes

6,211

11,614

Net wages control

510

25

Other creditors

194,680

142,367

Accrued expenses

7,763

3,075

294,514

210,569

8.

Creditors: amounts falling due after more than one year

2024

2023

£

£

Bank loans - 2-5 years

49,500

-

Hire purchase contracts

4,960

19,111

Other creditors

188,936

91,425

243,396

110,536

9.	Called up share capital

Allotted and issued:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,000

Called up share capital

1

1,000

1,000

10.

Reserves

Retained

earnings

£

At 1 January 2024

129,088

Profit for the year

74,342

Dividends

(60,625

)

At 31 December 2024

142,805